|
r
<br />L
<br />i
<br />89° 101300
<br />UNIFORM COVENAN'T'S. Borrower and Lender covenant and agree as follows:
<br />1. Payment of Prladpal and Interest; Prepayment and Late Charges. Borrower shall promptly pay when due:
<br />the principal ofand interest on the debt evidenced by the Note and any prepayment and late charges due under the Note.
<br />2. Fonds for Taxes rind Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay,
<br />to Lender on the day monthly payments are due under the Note. until the Note is paid in full, a sum ("Funds') equal to
<br />one - twelfth of: (a) yearly taxes and assessments which may attain priority over this Security Instrument; (b) yearly(
<br />leasehold payments or ground rents on the Property, if any; (c) yearly hazard insurance premiums; and (d) yearh
<br />mortgage insurance premiums, if any. These items are called- "escrow items," Lender may estimate the Funds due on the
<br />basis of current data and reasonable estimates of future escrow items.
<br />The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a federal'or
<br />state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay the escrow items.
<br />Lender may not charge for holding and applying the Funds, analyzing the account or verifying the escrow items, unlirss
<br />Leader pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and
<br />Lender may ague in writing that interest shall be paid on the Funds. Unless an agreement is made or applicable law
<br />requires interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lende
<br />shall give to Borrower. without charge, an annual accounting of the Funds showing credits add debits to the Funds andthe
<br />purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured'by
<br />this Security Instrument.
<br />If the amount of the Funds held by Lender, together with the future monthly payments of Funds payable prior to
<br />the due dates of the-escrow items, shall exceed the amount required to pay the escrow items when due, the excess shall be,.
<br />at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly payments of Funds. if the
<br />amount of the Funds held by Leader is not sufficient to ray the escrow items when due, Borrower shall pay to Lender any
<br />ammotinx necessary to make up the al- ciency in one or mere. payments as required by Lwtder.
<br />Upon payment in full of al] s--ms secured by thy: Security Instrument, Lender shall promptly refund to Borrower.
<br />any Pt1�.,a held by Lc-s 4er. If under paragraph 19 the Property is sold or.acquired by Lender, Lender shall apply. no liter
<br />than irtsm:diately prior to the sale of the PrQnyerty or its acquisition by Lender, any Funds held by Lender at the time of
<br />applica an as a credit against the sums secured by this Security Instrurneat_
<br />3. Application of Payments. Unless applicable law provides other%ise� ;LH payments received by Lender under
<br />paragraphs I and 2 shall be applied: first, to late charges due under the "Nine, second, to prepayment charges due under the
<br />Note; third, to amounts payable under paragraph 2; fourth, to interest and last, to principal due.
<br />4. Charges; Liens. Borrower shall pay all taxes, assessments, 2targes, fines and impositions attributable to the
<br />Property which may attain priority over this Security Instrument, and leasehcld payments or ground ruts, if any..
<br />Borrower shall pay these obligations in the manner provided in paragraph 2, or if nair paid in that manner, Borrower shall'
<br />pay them on time directly to the person owed payment. Borrower shall pnamptly furnish to Lender all notices of amounts
<br />to be paid under this paragraph. If Borrower makes these payments dim=iy, Borrower shall promptly furnish to Lender
<br />receipts evidencing the payments.
<br />Borrower shall promptly discharge any lien which 1 as priority over this Security Instrument unless Borrower: (a),
<br />agrees in writing to the payment of the obligation secured by the lien in a manner acceptable to Lender; (b) contests in good
<br />faith the lien by. or defends against enforcement of the lien in, legal proceedings which in the Lenders opinion operate to
<br />present the enforcement of the lien or forfeitur; e,of any part of the Property; or (c) secures from the holder of the lieman.
<br />age-ant satisfactory to Lender subordinating the lien to this Security Instrument. If Lender cin--rmines that any par itif
<br />the Praperty is subject to a lien which may attain priority ever this Security lnstrurnect, Linder may give Borrower a
<br />native: identifying the lien. Borra-,i�tar, shall satisfy the lien cr t,i ke one or more bf the a ..ions set forth above within 10 days
<br />of the giving of notice.
<br />5. Hazard Insurance. Borrower shall keep the improvemer_c, row existing or hereafter erected on the Property
<br />insured against loss by fire, hazards included within the term "exte^•de,;.+.,xverage" and any other hazards for which Lender
<br />requires insurance. This insurarrwc shall be maintained in the zTCur :s and for t[7.t periods that Lender requires. The
<br />insurarize carrier providing the f r:surance shall be chosen by Borrower subject to Lender's approval which shall not be
<br />unreasonably withheld.
<br />All insurance policies and renewals shall be acceptable to Lender and shall include a standard mortgage clause.
<br />Lender shall have tl-: right to hold the policies and renewals. If Lerd,w requires. Borrower shall promptly give to Lender
<br />all receipts of paid premiums and renewal notices. In the e•:ent of loss, Borrower shall give prompt notice to the insurance
<br />carrier and Lender. Lender may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in w riling, insurance proceeds shall be applied to restoration or repair
<br />of the Property damaged, if the restoration or repair is economically feasible and Lender's security is not lessened. If the
<br />restoration or repair is not economically feasible or Lender's security would be lessened, the insurance proceeds shall by
<br />applied to the sums secured by this Security Instrument, whether or not then due, with any cv :- cess paid to Borrower. If
<br />Borrower abandons the Proper,-- or does not answer wirh . 30 days a notice from Lender that the insurance carrier has
<br />offered to settle a claim, then may collect the in- <urano proceeds. Lender may Use the p: oceeds to repair or restore
<br />the Property or to pay sums secured by this Se. :uti;y Iry�, �b�, :.cK�t, %hether or not then due. Tile 30-day period will begin
<br />when the notice is given.
<br />Unless Lender and Borrower otherw .-se agree in w racy ;, any application of proceeds to pcnc pal shall not extend or
<br />postpone the due date of the mor_t ii.;, payments referred - . n : paragraphs 1 and 2 or change the amount of the payments. If
<br />under paragraph 19 the Property ii.acquired by Lender, Ekar bwer's right to any insurance policies and proc -iris resulting
<br />from damage to the Property prior to the acquisition sha pass to Lender to the extent of the sums secured by this Security
<br />Instrument immediately prior to the acquisition. -
<br />6. Preservation and Maintenance of Property;, Uf..seholds, . Borrower shall not destroy. damage or substantially
<br />change the Property, allow the. Property to deteriorate .�r commit waste. If this Security Instrument is on a leasehold.
<br />Borrower shall comply with the r— mvisionsof the lease. and :f Borrower acquires fee title to the Property. the leasehold and
<br />fee title shall not merge unless Loidcr?grewto the merger �n writing.
<br />7. Protectian of Lende (r'3 Rigtas in the Property; Mortgage insurance. U Borrower fails to perform the
<br />covenants and agn-ements contained to this Sezunty Instrument, or there is a legal proceeding that may significantly affect
<br />Lender's rights in the Property. (such as a proceeding in bankruptcy. probate. for condemnation or to enforce laws tit
<br />regulations). then Lender may do and pay for whatever is necessary to protect the value of the Property and Lender's rights
<br />to the Property. Lender's actions may include paying any sums secured by a lien which has priority o%cr this Security
<br />Instrument. appearing in court, paying reasonable attorneys' fees and entering on the Property to make repairs. Although
<br />Lender may take action under this paragraph 7. Lender does not have to do so.
<br />Any amounts disbursed by Lender under this paragraph 7 shall become uddwonal debt of Borrower secured by t his
<br />Security Instrument. Unless harrower and Lender agree to other terms of payment, these amounts shall bear interest fn)m
<br />the date of disbursement at the Note rate and shall be payable. with interest. upon noticc from 1 ender it, Horro%%cr
<br />requestnig payment
<br />i
<br />ara�
<br />iL
<br />itg
<br />,
<br />!T
<br />r4;#�
<br />b
<br />
|